Hi! I have been doing full-time trading for my own money for 2+ years now. I have been able to generate enough profit to maintain my living standard but not grow my equity in the long-run.
I am seeking for other opportunities outside trading currently, but I'd also like to consider business ideas that would either leverage my trading skills or somehow give me competitive edge because of my experience in investing/trading.
There seems to be many people here that offer managed-accounts for investors...so too few potential investors and too many money managers I guess. Besides my performance of around 25-30% annual gain with 10-15% DD would not attract investors here...although compared to typical mutual funds that would be outstanding performance :)
Mentoring would interest me, but I think it is hard to find local customers here (in Finland).
I would have to offer my mentoring online, and I guess there is already quite mature industry to attract customers, e.g. forex-brokers offer mentoring services also...I have followed ads from Van Tharp's trading coaching / courses, and I agree mostly what he's teaching. I don't have resources for making similar business as he though...I was thinking starting smaller, like paid newsletters, trading signals etc....it would have to include something that would differentiate it from other services though....
You could start with a website posting your results and trading philosophie etc.
That's what I am working on. After that, perhaps Live Forex Journal. If you've got no web page experience, you could use a site like yola.com, where you can set a good looking website without any knowledge in html or anything... Skype chat also has a moderation function where others can only read your posts, cannot write.
Chatroll is pretty cool, they will take care of all your the people that want to pay to get on your chat, makes it pretty easy.
Of course with a good and growing reputation on forex forums and with live statements shared, you will probably have no problems filling up a good trading room. Of course you would need to offer good price for entry.
Also, I am looking at Tradency and zipsignal. Tradency is terrible for me, because you cannot change your SL or TP on a position once it is set, and all my strategies require constant modification in SL and TP... I found kind of strange they have this restriction, considering all the ea's you can find.. Their manual trading platform is terrible also.
Hi Keltnermaster! You have good ideas. I've seen number of web-sites/blogs etc. but it would be encouraging to personally know someone who runs a paid service, and also get a rough figure of earning from that service...Do you know anyone?
I am currently not so active in trading, because I have a new consulting business set-up (which does technology consulting), and I am negotiating new deals currently, and also been offered a full-time job...
I know I can't let trading-business go away though. I have watched markets daily for 10 years or so...At least I'll trade long-term positions and try to work to enhance my methods.
I think some kind of 'peer-review' would be beneficial to traders. I stop my own mistakes too late or never, but I would be able to critisize others trading plans/journals etc...I don't know if that could be a paid service, but would be very useful tool to traders IMHO.
I personally would not consider building anything if I didn't take the time and energy and passion to make it work. And that would mean no other full-time job... For it is certain that it would affect the quality of my services. So why not just fully appreciate what I have now to the fullest ?!
But that is me. I understand you are not trading full-time anymore. Yet I have a feeling you are still in a ''trading full-time kind of spirit''. Sorry if I am wrong.
Regarding your idea to criticize other traders plansjournal, I find it quite interesting. But again, would not take it seriously without giving it all the effort it would need to be well done.. and again, I dont see that being possible with another fulltime job..
And I personally would not pay for this service if it was coming from someone who does not have a present trading fulltime history to share, or a strong interesting past trading experience that can be openly shared.
only opinions, vastly based on what is generally needed for a business to work on the web (good website, good marketing, time to build good reputation, genuine proof of past and actual quality of service, etc.)
Lets continue this conversation when all focus could be on trading forex ! :)
Actually that job offer was reduced to possible short-term consulting assignments in the future. So might have full-time trading possibility again.
You were right, I could not get out of 'trading full-time spirit'....I doubt I ever can, unless some totally new profession comes, which I love more than trading.
Now I have to worry both, uncertainty of possible non-trading-related assignments, and uncertainty of markets...but actually the latter is my friend, since there would be no money to make in trading without fair sized risk ;)...
I have a very similar feeling about trading. Im off to try zipsignals, and I sure hope they are more flexible than tradency... No big deal if not, Ill probably end up just offering an open live trading journal like I planned at first.
You asked about knowing someone who has a paid service. I did, but he disappeared after having destroyed all his clients trust due to changing his trading strategies without notifying anyone. But he was offering chat signals for 200$ a month and always had at least around 20 recurring members and another 20 some with 30$ 2-weeks trial all the time. We talked about partnership, and I was interested till he switched his old winning strategies with the new optimized ones...
The potential of such a service is equal to your services. If you want it to last, I believe one has to set it up with of touch of originality and ingenuity, not only good reports to show off. And of course, probably a good year or so without having to make a cent with it, since you need to build a reputation and keep it long enough in order to survive.
So one probably has to set himself up with
- very little expenses for a good enough period to concentrate on website, reputation, trading publishing plan, etc.
If one could live on its own small trading account during that time, that would be the best !
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